Bank of New York Mellon will settle currency trade case for $714 million

The Bank of New York Mellon will pay $714 million to settle accusations that it cheated government pension funds and other investors for more than a decade, federal and state authorities announced on Thursday. It is part of a deal requiring the bank to dismiss some employees and make fuller public disclosures of its foreign exchange operation.

The settlement resolves lawsuits filed in 2011 by Preet Bharara, the United States attorney in Manhattan, and Eric T. Schneiderman, the New York attorney general.

The authorities accused the bank of assuring clients that they would receive the best possible rate when executing a currency trade. In reality, the authorities said, the bank did just the opposite: It provided clients "prices that were at or near the worst interbank rates," enabling the bank to make extra cash during the 2008 financial crisis. ...

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